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National Bank of Ethiopia vows to take action om crypto-traders


The Bank urges the public to beware of such illegal activities as the use of digital currencies such as cryptocurrencies, bitcoin and other currencies in Ethiopia is not recognized by the National Bank of Ethiopia.

The National Bank of Ethiopia (NBE) has issued a proclamation stating that the currency of Ethiopia is Birr and all financial transactions in the country will be paid in Birr unless otherwise authorized by the National Bank of Ethiopia.

According to Payment System Proclamation No. 718/2003, no money transfer or financial services may be provided without the approval of the National Bank of Ethiopia.

However, research shows that cryptocurrencies such as Bitcoin, Bitcoin, etc., are now being widely used in Ethiopia.

It is also understood that this practice is creating a favorable environment for large-scale money laundering without the approval of the National Bank, and in particular for money laundering.

The public said the public should be protected from such illegal activities as the use of virtual currency for trading or payment is not recognized by the National Bank of Ethiopia.

He said the National Bank of Ethiopia (NBE) would take legal action against the perpetrators and called on the public to report any wrongdoing to the NBE and other relevant law enforcement agencies.

 



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